Option plus in icicidirect trading
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Margin PLUS is an order placement feature where you can take a position in certain stocks at market price and also place a cover order for the position specifying the SLTP stop loss trigger price and the limit price. This will minimize the loss on the position you have taken in case of unfavorable market movements. Further there is an option to place a profit making limit order Take Benefit order to capitalize on the positive movement of the position.
How does Margin Plus work? Margin Plus is designed for traders who wish to take the advantage of intraday trading in huge volumes and thus make the most of market fluctuations. It has an auto square off feature built in.
With Margin Plus you can take a position in a particular scrip s on a particular day and avail multiple times exposure on the available margin.
You will have to square off all your open positions by 3: Further, please note that on normal days square off of open position would happen anytime after 3: However SC Caps reserves the right to square off open position in margin plus anytime before 3: If the position taken by you could not be squared-up within the stipulated time period due to any reason what-so-everit shall be deemed to be a delivery transaction and must be honoured by you.
What is a fresh order? The first order which is placed for creating the position in MarginPlus is called fresh order. This order will be compulsorily a market order.
What is a cover order? The order which is in the nature of covering your loss with respect to the fresh order first order is a cover order. Assuming you have taken a sell position, your cover order will naturally be a buy order.
The cover order will compulsorily have to be a SLTP stop loss order. This is in order to cap the maximum loss. How do I place an order for particular scrip using MarginPlus? Please follow the steps mentioned below to place an order in a scrip using MarginPlus: Login to your trading platform by entering your User ID and Password.
Click on "Place an order" tab under Equity Menu. Put desired quantity and choose " MarginPlus" under Product Type drop down box. New screen will pop up. What is the time during which I can place MarginPlus order? Margin Plus orders can be placed post 9. What are the details to be given to place a Margin Plus order? Following details should be provided to place a fresh order.
The order status can be checked in Order Book. What is the margin that is charged on the fresh order? What is minimum maintaince margin? It is minimum margin which SC Caps will levy irrespective of whether your Stop Loss order is placed below this minimum margin percentage. In such case the Stop Loss limit order stands cancelled automatically.
In such case the Take Benefit Price order stands cancelled automatically. No, it is not mandatory. It is an additional facility in the same order form wherein you can specify your price at which you would like to exit at profit. You shall be able to modify Take Benefit Price order only if it is entered initially. You can also modify Profit making order price. However, the validation with respect to the minimum difference between SLTP and Stop Loss limit price would still be applicable You can cancel Take Benefit Price order until it is traded or cancelled by the system.
You can't cancel Stop loss order. Would margin be recalculated at the time of modification? Yes, it is recalculated and excess amount if any will be released or additional margin needed will be blocked if you change the Stop Loss Limit Price. The amount to be blocked would be recalculated as: If limits are insufficient then you will not be allowed to modify the order. Can I square off the positions on a scrip any time during the day that I had taken earlier in the day?
Yes, you can square off the position any time during the day till 3: No, product conversion is not allowed for this product. What happens if my stop loss trigger price or profit making order price is not hit till 3: System will cancel your all pending Margin Plus orders anytime after 3: You can however specify a greater difference as well. Hence, it has to be Rs. If you specify limit price above Rs. Which segment of customers can avail this facility?
This facility is available only for online trading customers. Which segments can I place Margin Plus orders in? Margin Plus orders can be placed in cash segment only. Which exchanges can I place Margin Plus orders? Which stocks are allowed under MarginPlus Product? What would be the brokerage payable on these trades? The Brokerage would be the normal brokerages that are charged for margin orders How do I place a margin plus order? Given below is the order flow with screen shots for better understanding: You an also click on Take Benefit price and fill these details.
This is an optional field. This is to take benefit incase you are making profit on your position. Order Book screen You can view the margin plus orders in order book wherein you can modify or cancel the order under the Action column.